Olympics revives east end communities
It is not just sports fans who are getting inspired by the Olympic Games, investors are also feeling its influence, as a new £250 million estate just over two miles from the Olympic Stadium demonstrates.
Willmott Dixon's development division Regen and community regeneration association Poplar HARCA have joined forces to redevelop the seven acre Aberfeldy estate in the London Borough of Tower Hamlets.
The scheme will see dilapidated 1950’s-era housing replaced with 1,176 new homes. The rejuvenation project will also see shops, healthcare and community facilities built over a 12 year time scale.
Steve Stride, chief executive of Poplar HARCA said: "Tower Hamlet’s Council and London Thames Gateway Development Corporation have given the green light to a transformational regeneration programme that will enhance thousands of residents’ lives, and significantly improve the infrastructure and amenities of the Aberfeldy area."
Outline planning consent has been granted and many locals believe their area would not have received this substantial investment if they weren’t located so close to the games and the fantastic infrastructure it has generated. Builders and contractors will also be pleased these plans were given the green light as phase one of the build is expected to generate £40 million for the construction industry.
The homes being built will comprise of a mix of private sale, shared ownership and affordable rent.